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FxWirePro: Nikkei Daily Outlook

  • Nikkei has shown a minor dip from the high of 20755 on weaker than expected US jobs data. US economy has lost 33000 jobs previous month compared to forecast of 90k due to hurricane Harvey and Irma.Nikkei has formed a temporary bottom around 20200 and is currently trading around 20690 0.15% higher.
     
  •  USD/JPY has declined sharply after hitting high of 113.44. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112.20 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 112.65. 
     
  • On the lower side, index major support is around 20488 (10- day MA) and any break below will drag the index down till 20147 (20- day MA)/20000/19880 (100- day MA).
     
  • The near term resistance is around 20680 and index is trading slightly above 20500 and this confirms minor bullishness, a jump till 21000 likely.

    It is good to buy on dips around 20300-350 with SL around 20200 for the TP of 20850/21000
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